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Trailer park millionaires of the U.S.

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Trailer park millionaires of the U.S.

Affordable housing is a hot topic in most countries, and that is why in the U.S., trailer parks is an option for many citizens. Making money with trailer parks is an investment that not many people have yet considered. However, mobile homes are very lucrative. According to census figures, more than six per cent of American citizens live in trailer parks. Most of them end up in trailer parks after the financial crisis. Additionally, the booming baby generation is increasing the demand for mobile homes and RVs.

Top millionaires who love a trailer park

On average, the monthly rent for most U.S. homes is $1,000. However, trailer parks offer half the price. Most companies are taking advantage of the market because it doesn’t seem it will stop anytime soon. Some of the richest men in the U.S. have taken an interest in trailer parks. Here is a look at some of them.

1. Sam Zell

One of the richest men to have reaped big in trailer parks is Sam Zell, a realtor mogul of Equity Lifestyle Properties. He is the largest owner of mobile homes and RVs in the country. Although his company deals in other accommodations, such as tents and tepees, mobile homes are the biggest moneymaker. According to reports in 2015, Equity Lifestyle Properties own 144,000 trailer parks across the U.S. That same year. Zell made whopping revenue of $777 million, which boosted the net worth of the company to about $5 billion.

2. Warren Buffet

Warren Buffet is one of the richest men in the U.S., with a fortune of $72 billion, according to Forbes. His company, Clayton Homes, is the biggest manufacturer of trailer parks in the country. Since it was launched in 2003, Buffet has helped many low-income Americans to realize the dream of owning their own home. Buffet’s company has had to address the issue of how it predates on homeowners. This is by selling homes at high rates or subjecting them to take loans under Berkshire Hathaway, which he also owns, to buy mobile homes from Clayton Homes. Still, he has earned large profits since the company launched. For instance, in 2015, Clayton Homes sold more than 8,000 mobile homes, generating $700 million in revenue. Buffet is one of the few millionaires in the U.S. who has been able to make it big even through financial crises.

3. Frank Rolfe

Frank Rolfe is the fifth largest investor in the U.S. in trailer parks. He and partner Dave Reynolds have created the Mobile Home University. They have more than 250 communities of mobile homes in 25 states. He is known for talking about investing in mobile homes as a lucrative business. Do you know of any other millionaires that we missed out from the list? Let us know in the comments below. We will love to add to the list!

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A beach of a deal from Warren Buffett

A beach of a deal from Warren Buffett

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A beach of a deal from Warren Buffett

In 1971, Warren Buffett bought a contemporary-style beach home in Laguna Beach for $150,000, long before prices on the Southern California Pacific Coast began to skyrocket. It’s now for sale for $7.9 million.

He has had the six-bedroom home listed for over a year at $11 million (U.S.), but recently cut the price by $3.1 million, now asking $7.9 million.

Known for his Midas touch in choosing investments, Buffett is equally well known for being a bit of a cheapskate when it comes to living like the billionaire he is. Never one to be led by societal advancements, he refrains from using popular technology and has no egotistical need to keep up with the Joneses or prove that his anything is bigger and better than his peers. Of course, with a worth of almost $85 billion, he has few peers. The only visible evidence of his largess is the private jet he purchased in 1989, only because it saved time in getting to his meetings.

One of the most unexpected things one would expect from a billionaire such as Buffett is that he would still be living in an average family home that he purchased in 1958 for $31,500 in Omaha, Nebraska, the city where he was born. That’s not to say that he didn’t make one splurge in personal real estate. While married to his first wife, Susan Thompson, he did buy the beach house where the family of five would vacation and spend holidays. The house, which he purchased for $150,000, overlooks the Pacific and is only a short walk to the sandy beach. Now that it is no longer used, he put it on the market in early 2017 and is now ready to make a deal, reducing the price by $3.1 million.

Today, the house is located in a much more developed community than when he bought in. It is located in a gated community that sports multiple tennis courts, a swimming pool and beach volleyball courts, among other amenities. He and Susan enjoyed entertaining their friends at the house but found that there were so many that he also bought a house next door and built a stairway to connect the two. After Susan died in 2004, Warren rarely used the home and sold the connecting property in 2005. At 3,588 square feet, the Laguna Beach house is much different than Warren’s traditional Omaha home, which is worth about $600,000. His California home is very contemporary with six bedrooms and seven baths, big windows, sculptured ceilings and recessed lighting to spotlight the home’s modern art, a long fireplace and multiple built-ins. Two of the bedrooms have private entrances so guests can come and go without disturbing others. All rooms, including the large family room and decks, have ocean and beach views and the rock cliffs spilling onto the beach of Emerald Bay. Though Buffett will no longer be playing his uke on the deck or bridge with his friends, it is an excellent property for enjoying family and friends with plenty to do on one of California’s most popular beaches.

Newly priced at $7.9 million, the listing agent is Bill Dolby of Villa Real Estate, Emerald Bay, Calif.

Source: toptenrealestatedeals.com


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